Group Life & Personal Accident insurances are additional benefits offered by employers to retain their human assets. A life insurance policy for the employees gives them the reassurance that their families will be protected financially from any immediate obligations, in the event of an unfortunate occurrence. Most employers in such situation pay from their funds on humanitarian grounds. Group life insurance is the best alternative solution opted by most corporates.
The Group Life & Personal Accident policy is available as a blanket insurance cover for all employees at an affordable cost. The sum assured can be fixed based on their employment grade, monthly earnings etc.
Death due to accidental and natural means being the core benefit of the policy, however the coverage can be extended to cover Disability benefits as well as other extensions like Critical Illness.